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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.6 <br /> Agenda Section Meeting Date Prepared by <br /> ConsentJuly 16, 2018 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> First Amendment to Tax Abatement and Business Cal Portner, City Administrator <br /> Subsidy Agreement for Mowry Properties,Inc. Reviewed by <br /> Action Requested <br /> Approve,by motion, a resolution to amend the tax abatement agreement for Mowry Properties, LLC. <br /> Background/Discussion <br /> At their July 16, 2007 meeting, the City Council approved a tax abatement agreement for Mowry <br /> Properties,LLC. The Resolution for Tax Abatement Agreement provided up to 12 years of abatement, <br /> however, the dates stated in the original agreement were for a period of only 9 years ending in 2018. Staff <br /> believes this to be an administrative error at the time the documents were executed. <br /> The developer has requested that the city amend the abatement agreement to correct the duration of the <br /> tax abatement payments to 12 years in order to collect tax abatement payments of$384,199, or the <br /> maximum tax abatement allowed under the agreement. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ Resolution <br /> ■ First Amendment to Abatement Agreement <br /> ■ Executed Tax Abatement& Business Subsidy Agreement (September 4, 2007) <br /> ■ Executed Resolution Duly 16, 2007) <br /> ■ Staff Report (July 16, 2007) <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />